Taoiseach Micheál Martin has welcomed progress made on the Events Centre.
Funding arrangements have now completed by the City Council and construction is due to begin later this year.
The Government was today updated on plans for the flagship project on the site of the former Beamish & Crawford brewery, as well as significant regeneration of the entire Grand Parade Quarter.
An additional €7m of Government funding has been approved to meet the cost of construction delays caused by the COVID-19 pandemic.
Cabinet have approved a completion date of 2024 for the long awaited 6,000 seat Events Centre. with work set to being in the last quarter of this year
Taoiseach Micheal Martin says the project is potentially of major benefit to the city and entire region, complemented by the additional development of the Grand Parade Quarter through €46m funding under the Urban Regeneration and Development Fund.
He added that the Grand Parade and entire medieval quarter is set for a significant renaissance and regeneration, creating what he described as a compelling and vibrant cultural heart of the city, and a catalyst for further economic growth.
The consortium of BAM and Live Nation have committed 5 million euro for the detailed design of the building, which is expected by June.
The Government will provide 50 million euro worth of funding for the project, with 35 million euro invested by the consortium.
The sod for the 6,000 seater stadium in the city centre was first turned in February 2016, however the project has been repeatedly stalled by issues such as funding and planning appeals.
